The Aircraft Lubricant Market: Highlights
The lubricant market for the aircraft industry seems prosperous with attractive growth opportunities in the entire ecosystem of the market. Major oil & gas companies have fervently been developing lubricants meeting the aerospace industry requirements in order to quickly gain the market share. The Aircraft Lubricant Market is projected to witness a healthy CAGR of 5.3% during the forecast period 2018-2023. There are several factors driving the demand for lubricants in the aerospace industry. Some of the most noticeable drivers are increasing aircraft deliveries owing to rising passenger traffic across the globe, growing focus on fuel-efficient aircraft, increasing demand for advanced military aircraft, especially by the emerging nations, and rising aircraft fleet size.
Aircraft Lubricant Market - Insights by Aircraft Type:
The market is segmented into Commercial Aircraft, Military Aircraft, and General Aviation. Commercial aircraft is projected to remain the growth engine of the market during the forecast period, driven by a host of factors including rising commercial aircraft fleet in all four regions, increasing production of fuel-efficient commercial aircraft, the market entry of players, and advancement in lubricants. Military aircraft, another major segment, is also likely to generate sizeable opportunities for lubricant players in the coming five years. Rising demand for fifth-generation combat aircraft, such as Lockheed Martin F-35, increasing defense budget of the developing economies, such as China and India, to protect their geographical territories, are among the major drivers for growth in the military aircraft segment.
Aircraft Lubricant Market - Insights by Application Type:
The market is segmented into Hydraulic Systems, Engine, Landing Gear, Airframe, and Others. In 2017, the engine segment dominates the market and is expected to remain the largest segment during the forecast period. Introduction of lightweight and fuel-efficient engines including LEAP and GE9x along with an increased usage of specialized and advanced lubricants is mainly driving the demand for lubricants in the segment.
Aircraft Lubricant Market - Insights by Technology Type:
The aircraft lubricant market is segmented into Synthetic and Mineral-based Lubricants. Synthetic lubricants are expected to witness the higher growth in the aircraft lubricant market over the next five years, owing to an increasing need to enhance the performance of an aircraft by utilizing advanced lubricants.
Aircraft Lubricant Market - Insights by Region:
North America is expected to remain the largest market for aircraft lubricants during the forecast period. The region has the presence of major aircraft manufacturers, such as Boeing, Bombardier, Lockheed Martin, Bell Helicopter and Sikorsky Aircraft Corporation. The region also owns one of the largest fleets of commercial aircraft and the largest fleet of regional, general aviation, and military aircraft. There has been a sizeable increase in the air passenger traffic in the region, which is likely to five an additional impetus to the demand for lubricants in the region. Asia-Pacific is estimated to be the fastest-growing aircraft lubricant market in the same period, primarily driven by high commercial aircraft fleet to support rising passenger and freight traffic, indigenous production of commercial and regional aircraft, the opening of assembly plants in China by both major commercial aircraft OEMs (Boeing and Airbus) and increasing defense budget.
The supply chain of this market comprises raw material suppliers, lubricant manufacturers, OEMs, and end-users. The key aircraft lubricants manufacturers for the aircraft industry are Exxon Mobil, Total S. A. , BP plc. , The Chemours Company, Royal Dutch Shell plc, Lanxess, Lukoil, Phillips 66, Candan Industries, Nye Lubricants, and Eastman Chemical. New product development, regional expansion, and the formation of long-term relationships with customers are some of the key strategies adopted by the major players to gain a competitive edge in the market.